{"slug":"siemens-ag","name":"지멘스","name_en":"Siemens AG","ticker":"SIE.DE","updated_at":"2026-07-12T03:45:28.64+00:00","canonical":"https://valuechain.wiki/siemens-ag","citable":"밸류체인 그래프 기준 지멘스의 직접 연결 기업은 2곳(관계 기준 공급 0·매출 0·투자 2)이고, 사슬을 2차까지 넓히면 2곳에 닿는다. 링크의 근거 출처는 6건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Siemens AG is directly linked to 2 companies (0 supply, 0 revenue, 2 investment relationships) and reaches 2 companies within two hops; the links are backed by 6 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"산업 자동화·전력 · 데이터센터 전력 엔진 (스마트 인프라)","kicker_en":"Industrial automation & power · data-center power engine (Smart Infrastructure)","lead":"유럽 최대 산업 그룹으로 공장자동화(디지털 인더스트리)·전력인프라(스마트 인프라)·철도(모빌리티)를 아우르지만, 지금 이 노드의 핵심은 이익의 무게중심이 자동화에서 전력으로 옮겨간 것이다 — AI 데이터센터의 전력 수요가 변압기·개폐기 수요를 밀어올려 스마트 인프라 마진을 19.6%까지 끌어올렸고, 전통 강자 디지털 인더스트리는 재고조정으로 마진이 18.9%→14.9%로 눌렸다. FY2025(9월기) 매출 789억유로(+4%)·순이익 104억유로(+16%)로 3년 연속 사상 최대. 동시에 에너지(잔여 10%)·헬시니어스(탈연결 예정)를 떼어내 산업 코어로 단순화하고, EDA·Altair 소프트웨어로 고마진 축을 넓히는 전환이 재평가 축이다.","lead_en":"Europe's largest industrial group spans factory automation (Digital Industries), power infrastructure (Smart Infrastructure) and rail (Mobility), but this node's crux is that the center of gravity of profit has moved from automation to power — AI-data-center power demand lifted transformer/switchgear demand and pushed Smart Infrastructure's margin to 19.6%, while the traditional leader Digital Industries was pressed by destocking to a 14.9% margin (from 18.9%). FY2025 (ended Sep 2025) revenue €78.9bn (+4%) and net income €10.4bn (+16%) set a record for a third straight year. In parallel, separating Energy (~10% residual) and Healthineers (deconsolidation planned) to simplify toward the industrial core, while widening its high-margin software axis via EDA and Altair, is the re-rating axis.","segments":{"fy":2025,"parts":[{"desc":"AI 데이터센터·그리드 전력 수요가 변압기·개폐기·배전 수요를 밀어올려 마진을 +2.3%p 끌어올린 지멘스의 새 이익 엔진 — 수요가 캐파를 앞선 공급자 우위 구간.","name":"스마트 인프라 (매출 230억유로·이익 45억유로, 마진 19.6%)"},{"desc":"공장자동화 재고조정으로 매출 -4%·마진 급락(18.9%→14.9%)했으나 수주는 +8% 반등 — EDA·PLM·시뮬레이션(Altair·Dotmatics) 소프트웨어가 하드웨어 부진 속 구조 성장축.","name":"디지털 인더스트리 (매출 178억유로·이익 26억유로, 마진 14.9%)"},{"desc":"철도 차량·신호·서비스. 매출 +9%로 견조하나 마진은 가장 얇고 대형 수주 타이밍에 크게 출렁이는 장기 저마진 사업.","name":"모빌리티 (매출 124억유로·이익 11억유로, 마진 8.8%)"},{"desc":"의료영상·진단 자회사. 2025년 11월 탈연결(30% 주주 분배) 발표 — 에너지에 이어 코어 집중을 위한 포트폴리오 단순화 대상.","name":"헬시니어스 (매출 234억유로, 지분 약 69%)"}],"total":"수주 883억유로·매출 789억유로(+4%)·순이익 104억유로(+16%, 3년 연속 사상 최대)·수주잔고 대비 1.12배 — 성장의 무게중심이 자동화에서 전력(스마트 인프라)으로 옮겨갔다 (FY2025, 9월기)","source":"Siemens FY2025 실적발표(2025-11-13)","concentration":"지멘스의 이야기는 '자동화 왕관에서 전력 엔진으로'의 무게중심 이동이다 — 전통 강자 디지털 인더스트리가 사이클 바닥인 사이 스마트 인프라(데이터센터 전력)가 마진 19.6%로 이익을 견인한다. 동시에 에너지(잔여 10%)·헬시니어스(탈연결 예정)를 떼어내 산업 코어로 단순화하고, EDA·Altair 등 소프트웨어로 고마진 축을 넓힌다. FY2025 순이익 104억유로(3년 연속 사상 최대)."},"segments_en":{"fy":2025,"parts":[{"desc":"AI-data-center and grid power demand lifted transformer/switchgear/distribution demand and pushed margin +2.3pp — Siemens' new profit engine in a supplier-favored, demand-above-capacity phase.","name":"Smart Infrastructure (rev €23.0bn, profit €4.5bn, 19.6% margin)"},{"desc":"Factory-automation destocking cut revenue -4% and collapsed margin (18.9%→14.9%), but orders rebounded +8% — EDA/PLM/simulation software (Altair, Dotmatics) is the structural growth axis inside the hardware weakness.","name":"Digital Industries (rev €17.8bn, profit €2.6bn, 14.9% margin)"},{"desc":"Rail rolling stock, signaling, services. Revenue +9% but the thinnest margin, a long-cycle low-margin business that swings on large-order timing.","name":"Mobility (rev €12.4bn, profit €1.1bn, 8.8% margin)"},{"desc":"Medical-imaging/diagnostics subsidiary. November 2025 announced deconsolidation (30% spun to shareholders) — after Energy, a portfolio-simplification target to concentrate on the core.","name":"Healthineers (rev €23.4bn, ~69% owned)"}],"total":"Orders €88.4bn, revenue €78.9bn (+4%), net income €10.4bn (+16%, record for a 3rd straight year), book-to-bill 1.12 — the center of gravity shifted from automation to power (Smart Infrastructure) (FY2025, ended Sep 2025)","source":"Siemens FY2025 earnings release (Nov 13, 2025)","concentration":"Siemens' story is a shift of gravity 'from the automation crown to the power engine' — while the traditional leader Digital Industries sits at a cyclical trough, Smart Infrastructure (data-center power) drives profit at a 19.6% margin. In parallel it is separating Energy (~10% residual) and Healthineers (deconsolidation planned) to simplify toward the industrial core, while widening its high-margin software axis via EDA, Altair and more. FY2025 net income €10.4bn, a record for a third straight year."},"returns_yearly":{"2021":12.2,"2022":5.1,"2023":20.1,"2024":28,"2025":26.4,"2026":8.7},"return_asof":"2026-07-10","value_chain":{"leading":[],"benefiting":[{"slug":"siemens-energy","name":"Siemens Energy","name_en":"Siemens Energy","tier":1,"returns_yearly":{"2021":-35.4,"2022":-2.7,"2023":-27,"2024":314.2,"2025":149.9,"2026":5.7}},{"slug":"siemens-eda","name":"Siemens EDA","name_en":"Siemens EDA","tier":1,"returns_yearly":null}],"analysis":"지멘스의 투자 논점은 '자동화 왕관에서 전력 엔진으로의 축 이동 + 포트폴리오 단순화'다. AI 데이터센터 전력 수요가 스마트 인프라를 마진 19.6%의 이익 엔진으로 만든 사이, 디지털 인더스트리는 자동화 재고조정으로 마진이 눌렸지만 수주 +8% 반등과 EDA·PLM·Altair 소프트웨어가 구조 성장을 받친다. FY2025 순이익 104억유로(3년 연속 사상 최대)·수주잔고 대비 1.12배가 향후 매출 가시성을 준다. 회사는 에너지(잔여 10%, ~250억유로)·헬시니어스(약 69%, 탈연결 예정)를 떼어내 자본을 코어·환원으로 재배치 중 — 이 단순화가 밸류에이션 디스카운트 해소의 촉매다. 리스크는 자동화 사이클 회복 지연과 스마트 인프라의 전기강판 등 소재 병목. 그래프상 파급은 AI 캐펙스 → 데이터센터 전력(스마트 인프라, 슈나이더·ABB·이튼 병렬) → 상류 소재(구리·전기강판)로, 또 반도체 설계 쪽으로는 자회사 Siemens EDA(TSMC·엔비디아 등 팹리스·파운드리 고객)로 뻗는다.","analysis_en":"Siemens' thesis is 'a shift of axis from the automation crown to the power engine, plus portfolio simplification.' AI-data-center power demand turned Smart Infrastructure into a 19.6%-margin profit engine, while Digital Industries was pressed by automation destocking but is supported by an +8% order rebound and EDA/PLM/Altair software growth. FY2025 net income of €10.4bn (record for a third straight year) and a 1.12 book-to-bill give revenue visibility. The company is separating Energy (~10%, ~€25bn) and Healthineers (~69%, deconsolidation planned) to redeploy capital into the core and returns — this simplification is the catalyst to unwind the conglomerate discount. Risks are a delayed automation recovery and material bottlenecks (e.g., electrical steel) at Smart Infrastructure. In the graph the ripple runs AI capex → data-center power (Smart Infrastructure, parallel to Schneider, ABB, Eaton) → upstream materials (copper, electrical steel), and into chip design via subsidiary Siemens EDA (fabless/foundry customers such as TSMC and Nvidia).","analysis_asof":"2026-07-10"},"edges":[{"direction":"investment","counterparty":"Siemens EDA (반도체 설계 SW 자회사)","counterparty_slug":"siemens-eda","confidence":"high","metric":{"type":"ownership","unit":"%","value":100,"qualifier":"wholly_owned_DI_Software"},"note":"2017년 멘토그래픽스 인수로 확보한 반도체 설계자동화(EDA) 자회사로, 디지털 인더스트리 소프트웨어의 핵심 — 케이던스·시놉시스에 이은 EDA 3강의 한 축이다. 지멘스에겐 자동화 하드웨어 사이클과 무관한 고마진·구조성장 소프트웨어 지분이며, Altair·Dotmatics 인수와 함께 산업SW·AI 리더십을 넓히는 자산.","note_en":"The electronic design automation (EDA) subsidiary secured via the 2017 Mentor Graphics acquisition and a core of Digital Industries Software — one of the EDA big three behind Cadence and Synopsys. For Siemens it is a high-margin, structurally growing software holding decoupled from the automation-hardware cycle, and with Altair and Dotmatics it widens industrial-software/AI leadership.","sources":[{"stance":"confirms","publisher":"Siemens AG","publisher_en":"Siemens AG","kind":"filing","lang":"en","published_at":"2025-11-13","url":"https://assets.new.siemens.com/siemens/assets/api/uuid:7fdd21fb-c248-43a3-b475-f2e618fbae88/2025-q4-earnings-release-en.pdf","title":"지멘스 FY2025 실적 발표(2025년 9월기, IFRS)","title_en":"Siemens Earnings Release Q4 FY2025 (year ended Sep 30, 2025)","excerpt":"Digital Industries order growth was led by the electronic design automation and product lifecycle (PLM) software businesses.","excerpt_en":"Digital Industries order growth was led by the electronic design automation and product lifecycle (PLM) software businesses."}]},{"direction":"investment","counterparty":"Siemens Healthineers (약 69%, 탈연결 예정)","counterparty_slug":null,"confidence":"high","metric":{"type":"ownership","unit":"%","value":69,"qualifier":"deconsolidation_planned_Nov2025","revenue_eur_bn":23.4},"note":"의료영상·진단 자회사 헬시니어스를 FY2025말 약 69% 연결 보유(매출 234억유로)했으나, 2025년 11월 지분 30%를 주주에 분배해 탈연결하고 중기적으로 소수·재무자산으로 낮추겠다고 발표 — 에너지에 이어 헬시니어스까지 떼어내며 산업 코어(자동화·인프라·모빌리티)로 집중하는 구조 단순화의 최종장이다.","note_en":"Siemens consolidated its medical-imaging/diagnostics subsidiary Healthineers at ~69% at FY2025-end (revenue €23.4bn), but in November 2025 announced it will spin off 30% to shareholders to deconsolidate and, over the medium term, cut the holding to a minority/financial asset — after Energy, the final act of a portfolio simplification concentrating on the industrial core (automation, infrastructure, mobility).","sources":[{"stance":"confirms","publisher":"Siemens AG","publisher_en":"Siemens AG","kind":"filing","lang":"en","published_at":"2025-11-13","url":"https://assets.new.siemens.com/siemens/assets/api/uuid:7fdd21fb-c248-43a3-b475-f2e618fbae88/2025-q4-earnings-release-en.pdf","title":"지멘스 FY2025 실적 발표(2025년 9월기, IFRS)","title_en":"Siemens Earnings Release Q4 FY2025 (year ended Sep 30, 2025)","excerpt":"Siemens Healthineers FY2025 revenue €23,375m; planned deconsolidation announced.","excerpt_en":"Siemens Healthineers FY2025 revenue €23,375m; planned deconsolidation announced."},{"stance":"confirms","publisher":"Siemens AG","publisher_en":"Siemens AG","kind":"news","lang":"en","published_at":"2025-11-12","url":"https://press.siemens.com/global/en/pressrelease/siemens-plans-deconsolidate-siemens-healthineers","title":"지멘스, 헬시니어스 탈연결 계획 발표","title_en":"Siemens plans to deconsolidate Siemens Healthineers","excerpt":"Siemens plans to deconsolidate Siemens Healthineers by spinning off 30% to shareholders and reducing to a minority over the medium term.","excerpt_en":"Siemens plans to deconsolidate Siemens Healthineers by spinning off 30% to shareholders and reducing to a minority over the medium term."}]},{"direction":"revenue","counterparty":"스마트 인프라 고객 (데이터센터·그리드·유틸리티)","counterparty_slug":null,"confidence":"high","metric":{"type":"revenue","unit":"EUR_bn","value":23,"period":"FY2025_ended_Sep2025","margin_pct":19.6,"profit_eur_bn":4.5},"note":"AI 데이터센터가 전력을 게걸스럽게 먹으면서 스마트 인프라가 지멘스의 이익 엔진으로 올라섰다 — FY2025 매출 230억유로(+8%)·이익 45억유로·마진 19.6%(+2.3%p)로 전 부문 최고 수익성. 변압기·개폐기·배전·빌딩기술을 하이퍼스케일러·유틸리티에 공급하나 고객 실명은 공개하지 않아 익명으로 둔다. 수요가 캐파를 앞선 공급자 우위 구간이 마진을 밀어올린 핵심이다.","note_en":"As AI data centers devour power, Smart Infrastructure has become Siemens' profit engine — FY2025 revenue €23.0bn (+8%), profit €4.5bn, a 19.6% margin (+2.3pp), the group's best profitability. It supplies transformers, switchgear, distribution and building tech to hyperscalers and utilities but does not disclose customer names, so they stay anonymous. Demand running ahead of capacity — a supplier-favored phase — is what drove the margin.","sources":[{"stance":"mentions","publisher":"JPMorgan·UBS (via ad-hoc-news)","publisher_en":"JPMorgan·UBS (via ad-hoc-news)","kind":"research","lang":"en","published_at":"2026-06-30","url":"https://www.ad-hoc-news.de/boerse/news/ueberblick/siemens-benefits-from-fresh-analyst-targets-as-siemens-ag-stock-firms-at/69661330","title":"지멘스, 잇단 목표가 상향 — JPM Overweight €345·UBS Buy €310","title_en":"Siemens gets fresh analyst targets — JPMorgan OW €345, UBS Buy €310","excerpt":"JPMorgan Overweight €345, UBS Buy €310 — targets lifted on automation recovery and AI/data-center demand.","excerpt_en":"JPMorgan Overweight €345, UBS Buy €310 — targets lifted on automation recovery and AI/data-center demand."},{"stance":"confirms","publisher":"AI타임스","publisher_en":"AI Times (KR)","kind":"news","lang":"ko","published_at":"2026-03-01","url":"https://www.aitimes.com/news/articleView.html?idxno=212440","title":"AI 데이터센터 증설에 전력 인프라 시장 격변 — 지멘스 800V DC 솔루션","title_en":"AI data-center buildout reshapes power infrastructure — Siemens 800V DC solution","excerpt":"AI 데이터센터 증설로 전력 인프라 수요가 급증, 지멘스는 800V DC 등 데이터센터 전력 솔루션을 공급한다.","excerpt_en":"AI data-center buildout surges power-infrastructure demand; Siemens supplies data-center power solutions such as 800V DC."},{"stance":"confirms","publisher":"Siemens AG","publisher_en":"Siemens AG","kind":"filing","lang":"en","published_at":"2025-11-13","url":"https://assets.new.siemens.com/siemens/assets/api/uuid:7fdd21fb-c248-43a3-b475-f2e618fbae88/2025-q4-earnings-release-en.pdf","title":"지멘스 FY2025 실적 발표(2025년 9월기, IFRS)","title_en":"Siemens Earnings Release Q4 FY2025 (year ended Sep 30, 2025)","excerpt":"Smart Infrastructure FY2025: Revenue €22,989m (+8%), Profit €4,506m, margin 19.6%.","excerpt_en":"Smart Infrastructure FY2025: Revenue €22,989m (+8%), Profit €4,506m, margin 19.6%."},{"stance":"mentions","publisher":"Siemens","publisher_en":"Siemens","kind":"ir","lang":"en","published_at":"2025-06-01","url":"https://press.siemens.com/global/en/pressrelease/siemens-launches-electrification-x-strengthening-siemens-xcelerator-portfolio-across","title":"지멘스, Electrification X 출시 (데이터센터·그리드)","title_en":"Siemens launches Electrification X (data centers, grids)","excerpt":"Electrification X portfolio addresses grid and data-center electrification.","excerpt_en":"Electrification X portfolio addresses grid and data-center electrification."}]},{"direction":"revenue","counterparty":"디지털 인더스트리 고객 (공장자동화·산업SW)","counterparty_slug":null,"confidence":"high","metric":{"type":"revenue","unit":"EUR_bn","value":17.8,"period":"FY2025_ended_Sep2025","margin_pct":14.9,"orders_eur_bn":18.4},"note":"한때 지멘스의 왕관이던 공장자동화가 재고조정 사이클에 눌려 FY2025 매출 -4%·마진 18.9%→14.9%로 꺾였다 — 다만 수주는 +8%로 돌아섰고, EDA(反도체 설계)·PLM·시뮬레이션(Altair·Dotmatics 인수) 소프트웨어가 하드웨어 부진 속 구조적 성장축이다. 즉 이 부문은 '순환적 바닥 + 소프트웨어 성장'이 겹친 지점이다.","note_en":"Once Siemens' crown, factory automation was pressed by a destocking cycle — FY2025 revenue -4% and margin falling from 18.9% to 14.9%. But orders turned up +8%, and software — EDA (chip design), PLM, simulation (Altair, Dotmatics acquisitions) — is the structural growth axis inside the hardware weakness. This segment is a cyclical trough overlaid with software growth.","sources":[{"stance":"mentions","publisher":"JPMorgan·UBS (via ad-hoc-news)","publisher_en":"JPMorgan·UBS (via ad-hoc-news)","kind":"research","lang":"en","published_at":"2026-06-30","url":"https://www.ad-hoc-news.de/boerse/news/ueberblick/siemens-benefits-from-fresh-analyst-targets-as-siemens-ag-stock-firms-at/69661330","title":"지멘스, 잇단 목표가 상향 — JPM Overweight €345·UBS Buy €310","title_en":"Siemens gets fresh analyst targets — JPMorgan OW €345, UBS Buy €310","excerpt":"Analysts lifted targets partly on higher-than-expected automation profitability and industrial-software strength.","excerpt_en":"Analysts lifted targets partly on higher-than-expected automation profitability and industrial-software strength."},{"stance":"confirms","publisher":"Siemens AG","publisher_en":"Siemens AG","kind":"filing","lang":"en","published_at":"2025-11-13","url":"https://assets.new.siemens.com/siemens/assets/api/uuid:7fdd21fb-c248-43a3-b475-f2e618fbae88/2025-q4-earnings-release-en.pdf","title":"지멘스 FY2025 실적 발표(2025년 9월기, IFRS)","title_en":"Siemens Earnings Release Q4 FY2025 (year ended Sep 30, 2025)","excerpt":"Digital Industries FY2025: Orders €18,377m (+8%), Revenue €17,788m (-4%), margin 14.9% (from 18.9%). Orders rose in EDA and PLM.","excerpt_en":"Digital Industries FY2025: Orders €18,377m (+8%), Revenue €17,788m (-4%), margin 14.9% (from 18.9%). Orders rose in EDA and PLM."}]},{"direction":"investment","counterparty":"Siemens Energy (잔여 지분 ~10%)","counterparty_slug":"siemens-energy","confidence":"high","metric":{"type":"ownership","unit":"%","value":10,"qualifier":"residual_financial_asset","stake_value_eur_bn":25},"note":"2020년 분사한 지멘스 에너지 지분을 약 10%(추가분은 지멘스 연금기금으로 이전)만 남긴 재무 자산 — 에너지 주가가 그리드·AI 전력 수요로 급등하며 잔여지분 가치가 약 250억유로에 이른다. 지멘스는 이 지분을 점진적으로 처분해 자본을 본업·주주환원으로 재배치하는 포트폴리오 단순화의 상징이다.","note_en":"A financial-asset stake of ~10% in Siemens Energy (spun off in 2020; further tranches transferred to Siemens' pension trust) — as Energy's stock soared on grid and AI power demand, the residual stake is worth ~€25bn. Siemens is gradually monetizing it to redeploy capital into the core and shareholder returns, a symbol of portfolio simplification.","sources":[{"stance":"confirms","publisher":"Siemens AG","publisher_en":"Siemens AG","kind":"filing","lang":"en","published_at":"2025-12-04","url":"https://www.siemens.com/applications/b09c49eb-3a14-73b3-9f71-e30e3c2dfdbd/assets/pdfs/en/Siemens_Report_FY2025.pdf","title":"지멘스 연차보고서 FY2025","title_en":"Siemens Report (Annual Report) FY2025","excerpt":"Siemens holds a residual stake in Siemens Energy AG, treated as a financial investment, with further shares transferred to the pension trust.","excerpt_en":"Siemens holds a residual stake in Siemens Energy AG, treated as a financial investment, with further shares transferred to the pension trust."}]},{"direction":"revenue","counterparty":"모빌리티 고객 (철도 운영사·인프라)","counterparty_slug":null,"confidence":"mid","metric":{"type":"revenue","unit":"EUR_bn","value":12.4,"period":"FY2025_ended_Sep2025","margin_pct":8.8},"note":"철도 차량·신호·인프라·서비스로 FY2025 매출 124억유로(+9%)를 냈으나 마진은 8.8%로 산업그룹 중 가장 얇다 — 수주는 대형 프로젝트 타이밍에 크게 출렁이는(전년 급증의 기저로 수주 -45% 분기도) 장기·저마진 사업. 안정적 백로그가 매출 가시성을 주되 수익성은 구조적으로 낮다.","note_en":"Rail rolling stock, signaling, infrastructure and services delivered FY2025 revenue of €12.4bn (+9%), but at an 8.8% margin — the thinnest in the group. A long-cycle, low-margin business whose orders swing hard on large-project timing (a -45% order quarter against a prior-year spike); a stable backlog gives revenue visibility while profitability stays structurally low.","sources":[{"stance":"confirms","publisher":"Siemens AG","publisher_en":"Siemens AG","kind":"filing","lang":"en","published_at":"2025-11-13","url":"https://assets.new.siemens.com/siemens/assets/api/uuid:7fdd21fb-c248-43a3-b475-f2e618fbae88/2025-q4-earnings-release-en.pdf","title":"지멘스 FY2025 실적 발표(2025년 9월기, IFRS)","title_en":"Siemens Earnings Release Q4 FY2025 (year ended Sep 30, 2025)","excerpt":"Mobility FY2025: Revenue €12,444m (+9%), Orders €16,994m, margin 8.8%.","excerpt_en":"Mobility FY2025: Revenue €12,444m (+9%), Orders €16,994m, margin 8.8%."}]},{"direction":"cost","counterparty":"전력기기 소재 (구리·전기강판·절연·부품)","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"grid_materials"},"note":"변압기·개폐기·배전반의 원가는 구리·전기강판(방향성 규소강)·절연재·주물에 걸린다 — 데이터센터發 수요 급증기에 이들 소재의 수급·가격이 스마트 인프라 마진과 납기를 좌우하는 상류 병목이며, 방향성 전기강판은 세계적으로 공급이 타이트하다.","note_en":"The cost of transformers, switchgear and distribution boards sits in copper, electrical steel (grain-oriented silicon steel), insulation and castings — in a data-center-driven demand surge, the supply and price of these materials govern Smart Infrastructure's margin and lead times, and grain-oriented electrical steel is globally tight.","sources":[{"stance":"mentions","publisher":"Siemens AG","publisher_en":"Siemens AG","kind":"filing","lang":"en","published_at":"2025-11-13","url":"https://assets.new.siemens.com/siemens/assets/api/uuid:7fdd21fb-c248-43a3-b475-f2e618fbae88/2025-q4-earnings-release-en.pdf","title":"지멘스 FY2025 실적 발표(2025년 9월기, IFRS)","title_en":"Siemens Earnings Release Q4 FY2025 (year ended Sep 30, 2025)","excerpt":"Smart Infrastructure profitability improved on higher revenue and capacity utilization amid strong grid/data-center demand.","excerpt_en":"Smart Infrastructure profitability improved on higher revenue and capacity utilization amid strong grid/data-center demand."}]},{"direction":"cost","counterparty":"자동화 전자부품·반도체 (외부 조달)","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"automation_components"},"note":"PLC·드라이브·컨트롤러 등 자동화 하드웨어에 들어가는 반도체·전자부품을 외부에서 조달한다 — 자체 EDA 소프트웨어로 칩 설계 생태계 상류에 있으면서도 완제품용 칩은 외부 의존이라, 부품 가용성이 디지털 인더스트리의 납기·원가에 직접 작용한다.","note_en":"Siemens buys the semiconductors and electronic components that go into automation hardware (PLCs, drives, controllers) — it sits upstream of the chip-design ecosystem via its own EDA software yet depends externally on the chips for its own products, so component availability acts directly on Digital Industries' lead times and cost.","sources":[{"stance":"mentions","publisher":"Siemens AG","publisher_en":"Siemens AG","kind":"filing","lang":"en","published_at":"2025-11-13","url":"https://assets.new.siemens.com/siemens/assets/api/uuid:7fdd21fb-c248-43a3-b475-f2e618fbae88/2025-q4-earnings-release-en.pdf","title":"지멘스 FY2025 실적 발표(2025년 9월기, IFRS)","title_en":"Siemens Earnings Release Q4 FY2025 (year ended Sep 30, 2025)","excerpt":"Digital Industries automation revenue and profitability recovered as the destocking cycle eased.","excerpt_en":"Digital Industries automation revenue and profitability recovered as the destocking cycle eased."}]}]}